Techstars-logo-1TechStars, a Boulder, Co.-based technology accelerator, is expanding to Austin with a new program that will start in August.
“Forbes and Bloomberg have been calling Austin the No. 1 Boomtown and the best place for your startup for years now, and Google recently chose it as the second city to receive the fastest Internet on the planet,” David Cohen, founder of TechStars, wrote in this blog post. “TechStars exists to put the best mentors and the best entrepreneurs together in the best startup communities so Austin is a natural next stop for us.”
Applications open today and Jason Seats, who has served as managing director of the TechStars Cloud program for the past two years, is moving from San Antonio to Austin to run the new program. Seats co-founded Slicehost, a cloud computing business which Rackspace acquired in 2008. He is also an active angel investor. He has run two TechStars Cloud programs, graduating a total of 24 companies in San Antonio.
“I’ll be heavily involved in the future cloud programs but we are in the process of selecting someone else to manage the day to day operations,” Seats said. “This is great for TechStars because with a program running in Austin in the fall and the cloud program continuing to run in San Antonio in the spring, we’ll have basically year round activity for TechStars.”
Seats hopes and expects that the two programs will continue to strength the relationship and opportunities for collaboration in the technology industry between Austin and San Antonio.
The TechStars program will be housed at Capital Factory, a technology accelerator and incubator in downtown Austin. The TechStars Cloud program takes place every January at Geekdom, a technology accelerator and coworking site in downtown San Antonio.
“As I mentioned at the RISE panel, we think it’s a pretty natural progression when it’s not uncommon to hear the word “Geekdom” at Capital Factory in downtown Austin,” Seats said.
TechStars offers programs in Boston, Boulder, Chicago, New York City, Seattle, London and a specialized “Cloud TechStars” in San Antonio.
The TechStars program invests $118,000 in each company accepted into its program through $18,000 in seed funding and an optional $100,000 convertible debt note. More than 75 venture capital firms and angel investors back the program. The program last three months and provides mentorship and other perks and the chance to pitch to angel investors and venture capitalists at the end. Its companies average $1.6 million in additional financing upon leaving the program.
The deadline to apply for the TechStars Austin program is June 30th.
The TechStars Austin program kicks off August 5th and runs through November 1st.
“We have received enthusiastic support from the local tech groups in Austin and there are already many fantastic mentors and investors involved including Brett Hurt (Bazaarvoice), Tom Ball and Mike Dodd (Austin Ventures), Sam Decker (Mass Relevance), Jeff Dachis (Dachis Group), Kip McClanahan and Morgan Flager (Silverton), Josh Baer and Bill Boebel (Capital Factory), Ned Hill and Aziz Gilani (Mercury Fund), Rony Kahan (Indeed), Rob Taylor (Black Locus) Lori Knowlton (HomeAway), and many more,” according to Cohen.